We may be on a journey toward a digital planet — but we’re all traveling at different speeds, depending on what country you are from. According to the Digital Evolution Index and Harvard Business Review (https://hbr.org/2015/02/where-the-digital-economy-is-moving-the-fastest), Australia is “Stalling Out”, indicating that the rate of digital transformation is regressing and in fact slowing down.
Stall Out countries have previously achieved a good level of evolution, but are losing momentum and risk falling dramatically and significantly behind the other more progressive countries and businesses that grow and excel there. As the internet age moves extremely quickly, all Australian businesses risk losing out in the long term.
We’re always “told” that online moves at a strikingly fast pace. If you don’t watch out, you will miss out. The linked graphic shows “what happens online in 60 seconds”:
Are Australian businesses missing out, because they have moved, as a whole, into the “Stall Out” Territory? The reverberating answer is yes. Once that tipping point is reached, little can actually be accomplished, with companies exiting the field faster than companies entering.
What does this mean to Australian online businesses and ecommerce companies struggling to survive on Australian soil? Fundamentally, they are less competitive to the world leaders, or the “Stand Out” Countries; they are relegated to lower sales and lower uptake for all businesses in Australia in the digital economy.
Where does Australia want to be in 20 years, with a robust digital economy? The only way Australia can jump-start the digital recovery is to follow what Stand Out countries do best: redouble on innovation and continue to seek markets beyond domestic borders.
What is significant, is that a lot of companies within Australia simply are not taking digital seriously enough, with a coherent digital strategy, and sound online marketing techniques. Companies seem to be missing some of the key critical components of online business, measured by some of the online success factors, like website integration, utilisation of a sales funnel, effective content management, proper use of social media, etc.
Do you believe that Australia truly is a Stalled Out country for the digital era? What do you think happened or is happening that may have caused this? Do you have a digital strategy that sets you apart from the others, into the “Stand Out” territory?
Please leave your comments, thoughts and ideas, in the comments below.
See you online,